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The Truth about Reverse Mortgages

Another alternative in borrowing against your equity of your home is a Reverse Mortgage. To consider this alternative you must be at the age of 62. Your home must be your primary residence, such as a single family home, a town home, a condominium, a duplex, triplex or a fourplex or in some cases a manufactured home or a mobile home.
 
At least one homeowner lives in the home as their primary residence.
 
A reverse Mortgage can be described as a special kind of mortgage loan that can provide a retiree a safe and easy way to turn your home equity into a lump sum of cash or if you choose a monthly income for the rest of your life. This can raise your standard of living and enable you to retain your home for the rest of your life.
 
This might be a good time to consider this alternative, Today we have been seeing historically high return on our homes and interest rates at a all time low. With FHA loan limits it enables you to get more money out of your home than ever before.
 
There are no credit requirements, no income requirements and no asset requirements to qualify for a reverse mortgage.
 
You can use your money to pay off existing mortgage or credit card debt, pay for in-home health care and other medical expenses, can provide additional monthly income or buy something that you have always looked forward to, or just take a vacation.
 
You will retain full ownership and title to the property. If you leave the home and the loan is repaid, then the home equity that has not been used will be given to you and your heirs.
 
You will be required to pay off the loan once you have moved out of the house permanently. A Reverse Mortgage will not affect your right to Social Security payments or your Medicare benefits. The money that you receive will be considered a loan and not income, so you will not be paying income tax on the proceeds.
 
Depending on the loan you qualify for there will be some costs such as an origination fee, mortgage insurance fee and closing cost. They can be financed as part of the initial loan advance.
 
Your heirs will not have to sell the home when you move out, but can refinance the home with a standard mortgage loan.

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